By Michelle Graff
Moscow--Russia Today is reporting that Signet Jewelers, parent company of Sterling Jewelers, and diamond miner Alrosa are on the verge of inking a diamond sourcing deal worth $80 million.

Russia Today, an international news service that reports on stories from a Russian point of view in English, Arabic, Spanish and Russian, cites a report from the Kommersant business daily stating that Alrosa is “close” to signing a three-year contract to supply Signet with diamonds.

According to the report, Signet will sell the diamonds at Kay Jewelers and Jared the Galleria of Jewelers, the stores operated by Akron, Ohio-based Sterling, and at Signet’s stores in the United Kingdom.

Sterling spokesman David Bouffard said it is company policy not to comment on speculation. However, he noted that, as previously stated, the company is committed to developing its diamond sourcing initiatives to ensure it has enough supply to meet its needs in the long term.

“This includes continuing to further build our relationships with our established suppliers of polished diamonds and diamond jewelry, who will continue to account for the majority of our diamond sourcing,” he said.

Alrosa already supplies diamonds to Tiffany & Co. and is working to expand its market reach all over the world ahead of its October privatization, in which the government plans to sell a 14 percent stake in the company.

In the U.S. market specifically, Alrosa inked a deal with Sotheby’s to sell “large and unique” diamonds manufactured by Brillianty Alrosa, the company’s cutting and polishing division, and committed to continue holding tenders for rough and polished diamonds in New York. 

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